Electrical Steel Market Size, Competitive Landscape and Market Forecast - 2029

Global Electrical Steel Market is segmented By Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), By Application (Transformers, Motors & Generators, Inductors), By End-User (Automotive Industry, Construction Industry, Manufacturing, Domestic Appliances, Energy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Electrical Steel Market" is expected to grow at a CAGR of 7.5% during the forecasting period (2022-2029).

• Electrical steel is a special steel tailored to produce specific magnetic properties, high permeability, and a low amount of core loss.

Market Dynamics

• The Global Electrical Steel market is majorly influenced by factors such as increasing industrialization, a flourishing automotive industry, and growth in the energy sector. Moreover, electrical steel has a variety of applications in the construction industry.

• The high rate of industrialization is expected to drive the market for electrical steel.

• The market for Hybrid Electrical Vehicles (HEVs) is increasing because of the growing environmental concerns and limited oil reserves.

• Hybrid vehicles are the future of the automotive industry, non-grain oriented electrical steel has broad applications in HEVs; thus the market for non-grain-oriented electrical steel is expected to grow exponentially in the coming years.

• Challenges in the processing of electrical steel are a significant barrier to the growth of the Global Electrical Steel Market.

Market Segmentation

• The Global Electrical Steel Market is classified based on type, application, and end-user. Based on the form the market has been segmented as Grain Oriented Electrical Steel and Non- Grain Oriented Electrical Steel.

• Further, the market has been divided by applications such as Transformers, Motors & Generator, Inductors, and others. Also, the market is classified by the end-user industry as Automotive Industry, Construction, Manufacturing, Domestic appliances, Energy, and Others.

• Grain-oriented electrical steel has a more significant market share than other segments. It is mainly used as a core material for transformers.

• The energy sector is growing at a fast pace. The growth in the energy sector will lead to more demand for transformers, and hence the market for grain-oriented electrical steel is expected to increase further.

• Non- oriented electrical steel is the fastest-growing segment. Application of this material ranges from automobile usages such as hybrid electric vehicle (HEV)/electric vehicle (EV) traction motors and other applications such as electric power steering motors, high-efficiency air-conditioner compressor motors, vacuum cleaner motors, and energy-efficient induction motors. The boom in the automotive industry primarily in the HEV vehicles market is expected to propel the demand for Non-Grain oriented electrical steel.

Geographical Analysis

• The report is divided based on geographies such as North America, South America, Europe, Asia-Pacific, and the Rest of the world. Asia-Pacific has the most significant market share for electrical steel owing to its high demand for electricity thereby power transformers.

• The other main reason for the high demand for electrical steel in APAC is the high growth rate of electrical steel end-user industries like automotive, manufacturing, and construction in the region.

Electrical Steel Manufacturers

• The Global Electrical Steel market report profiles the following companies-

• ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal Corporation(NSSMC), JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.

• ArcelorMittal, Baosteel, and NSSMC are critical players in the market and hold the maximum share in the market. ArcelorMittal operates in more than 60 countries, having the largest market in Europe. It was the largest producer of electrical steel in the world in 2017.

• Baosteel Group, a group, based in China exports its products to more than 40 countries and is one of the largest producers of electrical steel. NSSMC provides iron for areas such as construction, automobiles, civil engineering, energy, resources and operates in 15 countries currently.

What are the key segments?

By Type

•  Grain Oriented Electrical Steel

•  Non-Grain Oriented Electrical Steel

•  Others

By Application

•  Transformers

•  Motors & Generators

•  Inductors

•  Others

By End-User Industry

•  Automotive Industry

•  Construction Industry

•  Manufacturing

•  Domestic Appliances

•  Energy

•  Others

By Region

•  Asia Pacific

•  Europe

•  North America

•  South America

•  Rest of the World

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